Family owned Belconnen Markets sells for $43.75 million after 25 years

Property Markets / Transactions

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The ACT’s Belconnen Markets has sold for $43.75 million to the Elanor Investors Group, which has set up a managed fund to acquire the site from the Efkarpidis family, who owned the site for around 25 years.

Opened in 1978, the Belconnen Fresh Food Markets has already undergone four redevelopments, and currently includes 38 non-discretionary focused retailers, including First Choice Liquor, Pet Barn, and a range of fresh food purveyors.

Elanor bought the markets on a passing yield of 6.85 per cent per annum and has obtained permits to redevelop the site into a mixed-use precinct of retail, office and residential accommodation.

Elanor co-head of real estate Michael Baliva told The Australian that the Belconnen Fresh Food Markets was a unique retail asset generating stable cash flows and that investors in the new syndicate had an opportunity for capital growth from a redevelopment of the site.

Marketed by Laing+Simmons managing director Alex Smith, the site includes the 18,890 sqm markets, a vacant 4818 sqm block with approval for 170 units, and a carpark site of 6077 sqm.

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